Current Events > What's wrong with having more than $100K in student loan debt?

(+) Yeah! (+)

That's like the minimum debt as a business major if you want to make $70K annually. Doctors and lawyers have half a million in student loan debts but their salary makes up for it.

College is a fucking scam dude. You can learn so much from just the internet. Plus the first 2 years are just high school rehash
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Patty_Fleur posted...

College is a fucking scam dude. You can learn so much from just the internet. Plus the first 2 years are just high school rehash

yeah but certain professions must have a degree, and some employers will not consider you if you don't have one

Ah being in debt 100k is wrong

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

100k loan with interest to pay off as a business graduate living in a city with high rent then the thought of buying a home in the future and raising a family can be pretty daunting.
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

This is a sad, pathetic attempt at seeking validation for your student debt bro

I agree TC - the numbers just don't add up any other way
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

Make 80k with my associates , 10k in debt. Guess I got lucky
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

Scholarship!
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I make 70K with 10K debt, an English degree, and a very particular set of skills that make me a nightmare for people like you.

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I got pretty lucky.

College was free, and family had enough in the bank to pay for medical school. Zero debt.
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HeyyItsProphet posted...

100k loan with interest

sucks to be american lmao
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I've got 35kish from housing since I had difficulty working because of my back injury and the three misdiagnoses leading up to convincing the insurance company to play ball for surgery. Even if it's not as bad as the horror stories, it still bothers me as I go into law school with paid tuition, fees, and books. >_>
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I make close to 70k and never went to college. Gotta love the trades. You millienials are too afraid to work with your hands and get a little dirty. Oh, and I have zero debt.
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Do trades work. School is practically free with all the grants right now.
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

I went $25k in debt to get a $55k job out of college that has more than doubled over the past 7 years. school choice and degree choice matters.
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Buzz Killjoy posted...

I make 70K with 10K debt, an English degree, and a very particular set of skills that make me a nightmare for people like you.

Good post
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

Go to a community college for your AA, transfer to a state school, get grants and scholarships? I'm a college dropout with zero debt because of all of the grants and going to community college.
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

That's easy, do well enough in high school to qualify for a fuckton of scholarships. People who wasted their time in high school should totally forget about ever going to college.
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FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

People in other countries with free tuition manage it just fine.
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I wish 70k was comfortable. I make more than that with no student loan debt and haven't saved much this year. Greater NYC is rough.
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MysteryMan923 posted...

I wish 70k was comfortable. I make more than that with no student loan debt and haven't saved much this year. Greater NYC is rough.

I make only half of that and live comfortable even though I have bills also. Maybe you need to make a budget plan to see where you are spending a lot more money than necessary?
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Asherlee10 posted...

What? I just looked it up and for doctors is about $160,000 in average student loan debt. And law school's average debt at the top end is $200k.

That's....wrong.

Maybe for a public school. Tuition is still on the 30k-40k end for public. Plus 15-20k cost of living per year.

On the lowest end, 180,000+

Private med schools average 60-70k. On the low end of private is still 300,000+

That's also considering 6.8% interest from day one for four years. Plus residency salary is ~50k no matter what for the first four years, so you won't dent the principle for 8 years total.

So considering a mix of private and public school students, it's really about a quarter million.
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Soviet_Poland posted...

That's....wrong.

Maybe for a public school. Tuition is still on the 30k-40k end for public. Plus 15-20k cost of living per year.

On the lowest end, 180,000+

Private med schools average 60-70k. On the low end of private is still 300,000+

That's also considering 6.8% interest from day one for four years. Plus residency salary is ~50k no matter

So considering a mix of private and public school students, it's really about a quarter million.

And that obviously doesn't include any debt from undergrad. I have a friend who's doing anesthesia and he'll be about $500k in loan debt by the time he finishes residency and can start paying them off.
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ProfDE posted...

MysteryMan923 posted...

I wish 70k was comfortable. I make more than that with no student loan debt and haven't saved much this year. Greater NYC is rough.

I make only half of that and live comfortable even though I have bills also. Maybe you need to make a budget plan to see where you are spending a lot more money than necessary?

I'd love to know where in NYC/Greater NYC you live where you're comfortable with 35k a year.
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MysteryMan923 posted...

ProfDE posted...

MysteryMan923 posted...

I wish 70k was comfortable. I make more than that with no student loan debt and haven't saved much this year. Greater NYC is rough.

I make only half of that and live comfortable even though I have bills also. Maybe you need to make a budget plan to see where you are spending a lot more money than necessary?

I'd love to know where in NYC/Greater NYC you live where you're comfortable with 35k a year.

You can save rent by sharing a place with 6 or 7 roommates, or living out of boxes
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REMercsChamp posted...

You can save rent by sharing a place with 6 or 7 roommates, or living out of boxes

yeah thats the only way. or he's living in a broomcloset for $700 a month.
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young_flip posted...

REMercsChamp posted...

You can save rent by sharing a place with 6 or 7 roommates, or living out of boxes

yeah thats the only way. or he's living in a broomcloset for $700 a month.

It's actually not that bad of a strategy - you can probably survive living on the streets for a year or so - save money on rent that year then you'll have enough money the next year to get your own place, even on a low salary
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MrPeppers posted...

And that obviously doesn't include any debt from undergrad. I have a friend who's doing anesthesia and he'll be about $500k in loan debt by the time he finishes residency and can start paying them off.

Ouch, yeah I didn't account undergrad. Luckily I had less than 10k from undergrad. 500k, that's insane.
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it's debt
Over $100k worth of debt.
that's the problem.

I make 65k a year annually and have zero debt. Shit I'm not even done with my bachelor's.

lol at you chumps who choose dumbass majors and go into massive debt
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I'm reminded by a few words of wisdom from a man who worked his fucking ass of to get where he is today:


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REMercsChamp posted...

I'm reminded by a few words of wisdom from a man who worked his fucking ass of to get where he is today:

No one gives a shit.
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Isn't college free in New York now as long as you work in the state for as many years as you went to college there? That actually sounds like a good deal for the state as well.

enjoy dat debt TC
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I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

megamanzero1000 posted...

I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

Most European countries are drowning in national debt, and they aren't even funding a silly military empire like we are. The whole, "I live in Europe, and we force future generations to pay for stuff we use today" line won't work forever.

tennisdude818 posted...

megamanzero1000 posted...

I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

Most European countries are drowning in national debt, and they aren't even funding a silly military empire like we are. The whole, "I live in Europe, and we force future generations to pay for stuff we use today" line won't work forever.

right but I am not in debt going to college

FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

By doing your first two years at a CC and paying out of pocket. I did that and transferred and make close to 70k.
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tennisdude818 posted...

megamanzero1000 posted...

I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

Most European countries are drowning in national debt, and they aren't even funding a silly military empire like we are. The whole, "I live in Europe, and we force future generations to pay for stuff we use today" line won't work forever.

What??? have you not being paying attention in the US? or just willfully ignorant?
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If you don't want debt from student loans, then actually work minimum wage jobs while you still live with your parents and make the most of it. That'll also make you think twice about where you decide to go to school and overspend at some ritzy ivy league party school.

65K no debt, MN

Well I do have a mortgage on a house, but that is "good" debt.
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sylverlolol posted...

FFVII_REMAKE posted...

So explain to me how do you make a comfortable income (aka 70K annually)withiut being 6 figures in debt.

By doing your first two years at a CC and paying out of pocket. I did that and transferred and make close to 70k.

People really need to put more thought into the whole school thing and do stuff like this.

I worked full time at a crappy job making 12 bucks and hour, all four years of undergrad and lived at home and went to an accredited public university. Made some sacrifices and what do you know, $0 debt. I also worked full time in grad school and, what do you know, $0 debt. People get too caught up on going to a certain school, which just isn't necessary most of the time IMO. Going to Harvard to become a teacher making $50k makes no financial sense unless it was on a full ride.
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Dustin1280 posted...

Well I do have a mortgage on a house, but that is "good" debt.

Not always
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Too many people go to college. That's largely because government schools aren't teaching kids how to navigate the market, so everybody continues on to college like it's 13th grade.

I think Bernie supporters are wrong in calling for a bailout in this area, but I sympathize with them. Adults get kids to sign on to massive debts that they can never escape from long before most kids even know what they want to major in, much less determine a career path that would justify the debt load. Lenders prey on kids because the government backs up so much of the debt. Schools constantly raise the price because the government expands the pool of eligible borrowers. It's sick and predatory.

tennisdude818 posted...

megamanzero1000 posted...

I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

Most European countries are drowning in national debt, and they aren't even funding a silly military empire like we are. The whole, "I live in Europe, and we force future generations to pay for stuff we use today" line won't work forever.

Have you seen America's national debt?
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NES4EVER posted...

tennisdude818 posted...

megamanzero1000 posted...

I still don't understand why people in America need to go in debt to go to college. What even is student loan debt? Nobody is in debt in Europe for going to college, you finish college with 0 debt and then you go find a job.

This really seems a typical ridiculous American thing.

Most European countries are drowning in national debt, and they aren't even funding a silly military empire like we are. The whole, "I live in Europe, and we force future generations to pay for stuff we use today" line won't work forever.

Have you seen America's national debt?

Yes. US debt is much worse than people even think because of unfunded liabilities. Someday 1st word western countries (and Japan) will learn the hard way that you can't just steal from future generations while your central bank suppresses interest rates forever.

Patty_Fleur posted...

College is a fucking scam dude. You can learn so much from just the internet. Plus the first 2 years are just high school rehash

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